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Classified in: Science and technology, Business, Covid-19 virus
Subject: MRR

Neobanking Market to be Worth $2,048.53 Billion by 2030: Grand View Research, Inc.


SAN FRANCISCO, Dec. 6, 2022 /PRNewswire/ -- The global neobanking market size is expected to reach USD 2,048.53 billion by 2030, growing at a CAGR of 53.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. Factors, such as a faster process of loan approval and funding, compared to traditional banks, with low-interest rates via banking applications are driving the growth of the market.

Grand View Research, Inc., Logo

Key Industry Insights & Findings from the report:

Read 120-page full market research report, "Neobanking Market Size, Share & Trends Analysis Report By Account Type (Business, Savings), By Application (Enterprises, Personal), By Region (Asia Pacific, Europe), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Neobanking Market Growth & Trends

Increasing technological advancements, such as Artificial Intelligence (AI) and IoT, in online banking platforms, are also expected to boost the market growth over the forecast period. The rising popularity of mobile-based applications for making international fund transfers and online payments is also propelling the market growth. Governments in various countries are making efforts to promote internet services across rural areas.

Furthermore, leading players are offering customized services via mobile applications to help customers and enterprises manage their finances, savings, and spending efficiently. Such factors bode well for the growth of the market. Factors, such as the accelerated expansion of the customer base, innovative revenue generation & modernization models, and increasing product launches globally, are expected to significantly contribute to the market growth over the forecast period. Numerous financial service providers are launching services through mobile apps to make payments faster. For instance, in November 2020, Revolut announced the launch of Google Pay for its customers in Greece, Bulgaria, Estonia, Austria, Hungary, Lithuania, Latvia, Portugal, the Netherlands, and Romania to make online and in-store payments fast and simple.

The outbreak of the COVID-19 pandemic positively impacted the global market on account of the rising dependency on online banking platforms for making payments. Numerous citizens and enterprises around the world preferred simple, safe, and helpful ways to adopt contactless payment technologies. The market players are also responding to the changing requirements of the enterprises and are diversifying their solutions and services to manage the taxing, budgeting, and accounting for small and medium-sized enterprises at lower costs.

Neobanking Market Segmentation

Grand View Research has segmented the global neobanking market on the basis of account type, application, and region:

Neobanking Market - Account Type Outlook (Revenue, USD Billion, 2017 - 2030)

Neobanking Market - Application Outlook (Revenue, USD Billion, 2017 - 2030)

Neobanking Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)

List of Key Players of Neobanking Market

Check out more related studies published by Grand View Research:

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
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News published on 6 december 2022 at 05:40 and distributed by: